Mantra Signs $1B Deal With DAMAC Group to Launch Tokenized Assets

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The group responsible for developing Mantra, a blockchain focused on real-world assets at the layer-1 level, has secured a $1 billion contract with DAMAC Group, a multifaceted investment organization, to enhance the availability of tokenized assets within the Middle Eastern region.

Users can tokenize DAMAC Group assets from early 2025 using the Mantra blockchain.

Next-Level Tokenization

The DAMAC Group is a vast, multibillion-dollar corporation with interests spanning various sectors, including luxury fashion, data centers, financial markets, catering services, hotel management, and manufacturing. Despite being based in the United Arab Emirates (UAE), it maintains offices spread across North America, Africa, Asia, and Europe.

Investigating the practical application of tokenizing real-world assets signifies that the organization is looking to enhance the functionality of their product offerings within their system. This recent agreement will further incorporate token financing, allowing for various assets in the company’s collection to be utilized and traded in this manner.

In alignment with the collective enthusiasm about the collaboration, an executive from DAMAC Group expressed that choosing Mantra is “a logical progression of our dedication to innovative ideas and progressive solutions.” The executive further explained that tokenizing our assets will offer investors a secure, transparent, and hassle-free avenue to explore numerous investment options.

Mantra’s CEO, John Patrick Mullin, also commented on the latest collaboration, stating:

As a researcher, I am elated to announce our collaboration with the esteemed DAMAC Group. This partnership serves as a testament to the recognition and potential within the Real World Assets (RWA) industry. Together, we share the same vision and aspirations, and are excited about the prospect of leveraging blockchain technology to bring conventional financing methods into the digital age.

Mantra Expands Ecosystem

As an analyst, I find it compelling to reflect on the strategic partnerships Mantra has forged since its mainnet launch in October 2024. These collaborations span across multiple platforms, both within and beyond the crypto industry. Notable partners include Google Cloud, Chainlink, Anchorage Digital, and Hex Trust, testifying to Mantra’s growing influence and adoption.

It’s worth noting that these milestones have sent Mantra’s native token, $OM, soaring to nearly $4 in value. At this moment, it’s being traded at a price close to $4, an impressive feat even with the recent downward trend in the overall cryptocurrency market over the past few days. Currently, OM holds the 42nd position among all cryptocurrencies by market capitalization, with its metric surpassing $3.7 billion.

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2025-01-09 17:04